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Beyond Hype: Getting the Most Out of Generative AI in Healthcare Today

October 6, 2023
Bain & Company
Contributed by: Bill Russell
In the wake of Covid-19's financial impact, US healthcare institutions are exploring margin improvements via technology, specifically affordable Artificial Intelligence (AI). The AI advancements, particularly generative AI, could reduce costs and increase productivity. Despite 75% of health executives citing generative AI's potential to revolutionize industry, only 6% have a formulated strategy. Current challenges include rising costs, high inflation, clinician shortages, and looming recession risks. Generative AI has started assisting administrative tasks, potentially lowering the burden on staff and enhancing operational efficiency. Future potential exists for predictive analytics, clinical decision support, and treatment recommendations. Barriers include resource and cost constraints, relevant expertise, and regulatory/legal considerations. Successful implementation requires a focused and prioritized strategy considering current bandwidth, regulations, and adoption barriers. Early initiatives should target cost savings, increased value, and reduced risk. Adoption strategies include buying available third-party tech, partnering, or building in-house. Long-term focus rests on higher-risk clinical activities requiring accuracy due to ethical/regulatory considerations. Generative AI is not a standalone strategy but should align with overarching organizational goals.
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